Cash withdrawal limits increased, exporters to keep more of their proceeds

By Stanley James Business Editor

The Reserve Bank of Zimbabwe has increased cash withdrawal limits for individuals and business, while ensuring exporting sectors get more share of their foreign currency earnings.

The 2022 monetary policy released this Monday by central bank governor, Dr John Mangudya, revealed the increase in withdrawals is aimed at ensuring the local currency is functional together with foreign currencies on local transactions.

Mobile banking transactions limits for individual to business, have been raised to ZW$25 000 from ZW$20 000, with a maximum transaction of ZW$100 000 per week.

Individual to individual limits have also been increased from ZW$5 000 to ZW$10 000 per transaction, with a limit of ZW$70 000 per a week.

Cash withdrawal limits for the banking public have been increased to ZW$5 000 per week from ZW$2 000.

RBZ spokesperson Mr Kumbulani Shirichena outlined the key thrust of the 2022 monetary policy.

“It is all about to do with tight money supply control, while ensuring that there is more towards the use of the domestic currency in promoting competitiveness of the economy, while at the same time unlocking value to productivity and ensure the current gains in the economy are consolidated,” Shirichena said.

However, the central bank noted a tight money supply system will be maintained, while assurance is being made on timeous payments on the auction system.

Highlights of the monetary policy include an annual inflation forecast of between 25 percent and 35 percent, interest rates being maintained at 60 percent, limiting the US$50 facility to vulnerable members and a 100 percent retention to manufacturing, horticulture and cross border transport on incremental proportion of their export receipts.

Tobacco growers are now retaining 75 percent of their export proceeds, the tourism and hospitality sector retains 100 percent of foreign currency earnings, with the central bank pledging to monitoring compliance of the banking sector to stipulated requirements.

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